Let one week's supply and demand functions for gasoline be given by p= D(q) = 288-39 and p = S(q) = 39, where p is the price in dollars and q is the number of 42-gallon barrels. (a) Graph these equations on the same axes. (b) Find the equilibrium quantity. (c) Find the equilibrium price. (a) Choose the graph of D(q) and S(q). OA. OB. OC Q Q Q 400- 400- 400- 400- Q 2 7) Ap Ap AP

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter4: Linear Functions
Section4.2: Modeling With Linear Functions
Problem 52SE: Suppose the world’s oil reserves in 2014 are 1,820 billion barrels. If, on average, the total...
icon
Related questions
Question
8
4
2
Let one week's supply and demand functions for gasoline be given by p= D(q) = 288-q and p = S(q) = 39, where p is the price in dollars and q is the number of
42-gallon barrels. (a) Graph these equations on the same axes. (b) Find the equilibrium quantity. (c) Find the equilibrium price.
(a) Choose the graph of D(q) and S(q).
OA.
OB.
D.
ICT
Q
Q
Q
400-
400-
Q
Q
q
0-
800
(b) The equilibrium quantity is barrels.
1)
2
221
(7)
nited
ons: 1
Ap
AP
800
AP
400-
0-
800
M
Ap
400-
0-
800
Transcribed Image Text:4 2 Let one week's supply and demand functions for gasoline be given by p= D(q) = 288-q and p = S(q) = 39, where p is the price in dollars and q is the number of 42-gallon barrels. (a) Graph these equations on the same axes. (b) Find the equilibrium quantity. (c) Find the equilibrium price. (a) Choose the graph of D(q) and S(q). OA. OB. D. ICT Q Q Q 400- 400- Q Q q 0- 800 (b) The equilibrium quantity is barrels. 1) 2 221 (7) nited ons: 1 Ap AP 800 AP 400- 0- 800 M Ap 400- 0- 800
Expert Solution
steps

Step by step

Solved in 4 steps with 1 images

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
College Algebra
College Algebra
Algebra
ISBN:
9781337282291
Author:
Ron Larson
Publisher:
Cengage Learning
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage